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FTX and Biance

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  1. #1

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    FTX and Biance

    And I thought Sam Bankman-Fried was the lender or buyer of last resort in the crypto world...



    The deal marks a cataclysmic collapse for a company that earlier this year was valued by private investors at $32 billion, with ambitions to acquire its way into becoming a crypto giant. Months prior, venture firm Sequoia Capital and BlackRock backed FTX at a $25 billion valuation. Forbes has pegged Bankman-Fried's net worth at $17 billion, largely from his stake in FTX.

    Bankman-Fried told CNBC in an interview over the summer that while FTX isn't "immune" to the crypto downturn, the company was in a better position than rivals because it had snapped up market share. He also said the company was more responsible in its growth than others in the industry.

    And I have to admit that I don't understand a word of the blah blah other than some smart people need a few billion dollars from some other smart people .

    Binance offers to buy FTX's non-U.S. operations to fix 'liquidity crunch'

    https://youtu.be/-OqQnbufhtI
    Last edited by shri; 09-11-2022 at 05:06 AM.

  2. #2

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    A bit easier to understand

    Crypto World Is Rocked as World’s Largest Exchange Rescues Rival https://nyti.ms/3hseHNT


  3. #3

    Not a great day to be Sam Bankman-Fried

    https://twitter.com/DavidInglesTV/st...08827491643397

    shri likes this.

  4. #4

    Don't know what was worse, FTX being levered to the gills against a shitcoin of their own creation or CZ blatantly instigating a bank run against an exposed rival. Disgraceful from them both.

    Wouldn't surprise me if the offer from Binance 'falls through' in the DD process. CZ not above using the offer to root around FTX's financials and humiliate his rival, before pulling out and leaving SBF without backers.

    GentleGeorge and aw451 like this.

  5. #5

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    Quote Originally Posted by Elefant&Castle:
    Not a great day to be Sam Bankman-Fried

    https://twitter.com/DavidInglesTV/st...08827491643397
    When I see things like this ... you have to ask, how did Bloomberg estimate his wealth in the first place? Will they ever accept that their estimates were flawed in the first place?

  6. #6

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    Quote Originally Posted by shri:
    When I see things like this ... you have to ask, how did Bloomberg estimate his wealth in the first place? Will they ever accept that their estimates were flawed in the first place?
    Seems there was a fund raising round in January that valued the exchange at $32bn. More fool them… but using what people are paying/have paid seems like the best metric for these sort of things.

  7. #7

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    "Imagine McDonald's makes its own money, let's call them clown-bucks, keeps most of it, and sells some to the market. McDonald's then uses their remaining clown-bucks as collateral for actual loans.And then people remember clown-bucks aren't real"

    https://twitter.com/LynAldenC...63257158811648


  8. #8

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    Quote Originally Posted by Hkemail888:
    "Imagine McDonald's makes its own money, let's call them clown-bucks, keeps most of it, and sells some to the market. McDonald's then uses their remaining clown-bucks as collateral for actual loans.And then people remember clown-bucks aren't real"
    That one had this gem ... advanced economics...

    Name:  Screenshot 2022-11-09 at 11.45.30 AM.png
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    GentleGeorge and huja like this.

  9. #9

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    Statement from Sam Bankman-Fried:

    https://twitter.com/WClementeIII/sta...odc8mCbbjmrHLA


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